Arqaam Capital, a Dubai-based regional investment bank, has acquired Egyptian brokerage firm El Rashad Securities, tapping into low valuations and growth prospects in the politically unstable North African country.
No financial details of the transaction were provided but Arqaam bought the entire 100-percent stake in El Rashad from Al Rashad Holding Co, it said in a statement on Sunday.
The deal will help Arqaam's institutional and high net worth (HNW) clients gain access to the Egyptian market, Arqaam said.
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